Sterling Capital Management LLC Cuts Position in Prologis, Inc. (NYSE:PLD)

Sterling Capital Management LLC decreased its position in Prologis, Inc. (NYSE:PLD) by 32.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,502 shares of the real estate investment trust’s stock after selling 16,581 shares during the quarter. Sterling Capital Management LLC’s holdings in Prologis were worth $3,647,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Murphy & Mullick Capital Management Corp bought a new stake in Prologis in the fourth quarter worth $26,000. Crowley Wealth Management Inc. purchased a new position in shares of Prologis in the 4th quarter worth $27,000. Centricity Wealth Management LLC bought a new stake in shares of Prologis in the 4th quarter worth about $30,000. Promus Capital LLC bought a new stake in shares of Prologis in the 4th quarter worth about $34,000. Finally, Whipplewood Advisors LLC purchased a new stake in shares of Prologis during the 4th quarter valued at about $34,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Trading Up 1.3 %

PLD opened at $96.14 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53. The stock’s fifty day moving average is $113.34 and its two-hundred day moving average is $114.06. The company has a market capitalization of $89.12 billion, a P/E ratio of 24.04, a PEG ratio of 2.70 and a beta of 1.20. Prologis, Inc. has a 52 week low of $85.35 and a 52 week high of $132.57.

Prologis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were paid a dividend of $1.01 per share. The ex-dividend date was Tuesday, March 18th. This represents a $4.04 annualized dividend and a dividend yield of 4.20%. This is a positive change from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio (DPR) is currently 101.00%.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $118.74, for a total transaction of $1,305,783.78. Following the transaction, the executive now owns 7,977 shares of the company’s stock, valued at approximately $947,188.98. This trade represents a 57.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PLD shares. BNP Paribas raised Prologis to a “strong-buy” rating in a research note on Wednesday, January 22nd. Raymond James reissued a “market perform” rating on shares of Prologis in a research report on Monday, February 3rd. Truist Financial increased their price target on Prologis from $121.00 to $123.00 and gave the company a “buy” rating in a report on Monday, January 27th. Robert W. Baird lifted their price objective on shares of Prologis from $123.00 to $124.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, BTIG Research reduced their target price on shares of Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $126.78.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.